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Public Record Changes in Credit Reports

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Cindy_FICO
Administrator Emeritus

Re: Public Record Changes in Credit Reports


@Revelate wrote:

@Cindy_FICO wrote:

Here is some information from FICO on the upcoming changes and how it might or might not change your FICO Scores - http://blog.myfico.com/upcoming-data-purge-fico-scores/  


Cindy,

 

Didn't see it in the posting but did the data show what percentage of existing tax liens were excluded?  

 

I had no idea that more than 5% of the population had a tax lien of some sort based on that statistical data.


I am not sure what percentage is excluded or if it was included in the study. 

Message 31 of 262
sjt
Senior Contributor

Re: Public Record Changes in Credit Reports


@Revelate wrote:

@Cindy_FICO wrote:

Here is some information from FICO on the upcoming changes and how it might or might not change your FICO Scores - http://blog.myfico.com/upcoming-data-purge-fico-scores/  


Cindy,

 

Didn't see it in the posting but did the data show what percentage of existing tax liens were excluded?  

 

I had no idea that more than 5% of the population had a tax lien of some sort based on that statistical data.


http://www.latimes.com/business/la-fi-credit-report-20170314-story.html

 

Above is a link to an article that states that about 50% of liens and 96% of judgements do not meet the new reporting standard.

 

It also states that public records must be updated every 90 days. I wonder if that new requirement will result in more public record reporting.

 

 

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Message 32 of 262
masscredit
Valued Contributor

Re: Public Record Changes in Credit Reports

I'm wondering if a lot of people are going to see their scores increase on July 1st if it will take a little while to cover everyone that is included in this? 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 676 / TU - 660 / EX - 673

Apple Card - $5500 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / SDFCU Secured - $4990 / Capital One QuickSiver - $4500 / Ally Master Card - $2800 / Walmart Mastercard - $2500

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Message 33 of 262
Revelate
Moderator Emeritus

Re: Public Record Changes in Credit Reports


@masscredit wrote:

I'm wondering if a lot of people are going to see their scores increase on July 1st if it will take a little while to cover everyone that is included in this? 


I think it's supposed to all be excluded at one fell swoop.  My thinking is if I still have liens on my report as of 7/2 they were legit... really no way to tell if mine are going to come off or not, waiting and seeing though for me it doesn't matter much since it's being excluded in September anyway.




        
Message 34 of 262
sjt
Senior Contributor

Re: Public Record Changes in Credit Reports


@Revelate wrote:

@masscredit wrote:

I'm wondering if a lot of people are going to see their scores increase on July 1st if it will take a little while to cover everyone that is included in this? 


I think it's supposed to all be excluded at one fell swoop.  My thinking is if I still have liens on my report as of 7/2 they were legit... really no way to tell if mine are going to come off or not, waiting and seeing though for me it doesn't matter much since it's being excluded in September anyway.


Isnt the rule that all liens and judgements are to be removed if they dont comply with the new reporting requirements regardless if its legit or not.

 

 

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815
Message 35 of 262
Revelate
Moderator Emeritus

Re: Public Record Changes in Credit Reports


@sjt wrote:

@Revelate wrote:

@masscredit wrote:

I'm wondering if a lot of people are going to see their scores increase on July 1st if it will take a little while to cover everyone that is included in this? 


I think it's supposed to all be excluded at one fell swoop.  My thinking is if I still have liens on my report as of 7/2 they were legit... really no way to tell if mine are going to come off or not, waiting and seeing though for me it doesn't matter much since it's being excluded in September anyway.


Isnt the rule that all liens and judgements are to be removed if they dont comply with the new reporting requirements regardless if its legit or not.

 

 


Correct.

 

I would surmise if the name on the lien doesn't match one of the name variations on the credit report (I have three, First/Middle/Last, First/MI/Last, First/Last for example) or it doesn't match one of the addresses, or it doesn't match the SSN, it gets tossed.

 

By legit I meant: they met all the reporting requirements not that I owed the debt, that was a bad use of terminology for which I do absolutely apologize.  I.E. my Cali state tax lien is ABSOLUTELY a legitimate lien from a public record, I owed the debt, I paid it, but if the information is off it gets whacked.

 

I think this will be a short term spike, it might trigger a change in some consumers' behavior, but basically the market will put pressure on data furnishers to get their crap together much like the CA's have had to in recent years... same thing will happen to the state reporting agencies which are all over the map currently, but that will happen and we'll get back to steady state.

 

The nightmare scenario I just thought of was someone disputing their liens recently and they're getting refreshed (as the data sometimes does change) with the correct information when it might've been wrong before... everyone has known about this for 18 months or so, so there was plenty of time to update their reporting systems to be compliant with the impending changes, but it's unlikely (cost) they'd go back and update old records, unless someone like me were dumb enough to ask them to, sigh.  Ah well, not as smart as I once was.

 

 

 




        
Message 36 of 262
masscredit
Valued Contributor

Re: Public Record Changes in Credit Reports

I checked to see how my liens are listed at the local Registry of Deeds. None of them have all of the info listed like my complete SS #. So I think they will be part of this. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 676 / TU - 660 / EX - 673

Apple Card - $5500 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / SDFCU Secured - $4990 / Capital One QuickSiver - $4500 / Ally Master Card - $2800 / Walmart Mastercard - $2500

Andrews FCU SSL $1500
Message 37 of 262
Anonymous
Not applicable

Re: Public Record Changes in Credit Reports

I had id fraud issues that resulted in a Federal Tax Lien. The IRS gave me & dw a withdrawal. TU removed the lien imediately. Exp. took mine off imediately but said they won't fix dw ti 6/1.  Equifax on the other hand has a mind of its own. Even with a withdrawal they tried to verify it twice. I finally filed a cfpb complaint on them.  Given that all of this happened this year I was kind of surprised.  I would have thought they would have been out  of the tax lien business and winding it down. . Equifax is still using l/n which if a read the settlement correctly is a big no no. Dw never had anything but her name and no ssn or dob listed on the lien.  Her name is very common.  

Message 38 of 262
Revelate
Moderator Emeritus

Re: Public Record Changes in Credit Reports


@Anonymous wrote:

I had id fraud issues that resulted in a Federal Tax Lien. The IRS gave me & dw a withdrawal. TU removed the lien imediately. Exp. took mine off imediately but said they won't fix dw ti 6/1.  Equifax on the other hand has a mind of its own. Even with a withdrawal they tried to verify it twice. I finally filed a cfpb complaint on them.  Given that all of this happened this year I was kind of surprised.  I would have thought they would have been out  of the tax lien business and winding it down. . Equifax is still using l/n which if a read the settlement correctly is a big no no. Dw never had anything but her name and no ssn or dob listed on the lien.  Her name is very common.  


Well, to be fair this settlement isn't their getting out of the lien business... it's making certain that all liens match a minimum set of standards.

 

If DW's name, SSN, and address match which they might well in cases of ID fraud, NCAP wouldn't help that presumably (though you have other protections, and I don't know what's up if you had the NFTL - withdrawal in hand anyway, something went sideways).

 

Existing broken-data liens are going to get airstruck, it is unlikely that old records will get re-reported, and we'll prevent some truly dumb things getting on the report in the future as quality of the data really should be improved; however, those that are actually reporting liens, will just fix their proverbial fecal matter, and start reporting new liens better from here on out.  I don't think long term this will have a ton of impact with the exception of improving the data resolution... which I suppose is a laudable goal in it's own right.

 




        
Message 39 of 262
masscredit
Valued Contributor

Re: Public Record Changes in Credit Reports

The good thing is a lot of people will see their scores improve. The bad thing is they (and me) will still have liens so we can't be approved for a mortgage and some loans. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 676 / TU - 660 / EX - 673

Apple Card - $5500 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / SDFCU Secured - $4990 / Capital One QuickSiver - $4500 / Ally Master Card - $2800 / Walmart Mastercard - $2500

Andrews FCU SSL $1500
Message 40 of 262
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